In January 2019, JN Norman Inc. (JNN) purchased and installed production equipment. It was first available for
Question:
In January 2019, JN Norman Inc. (JNN) purchased and installed production equipment. It was first available for use on March 1, 2019. JNN has a December 31 year-end and accounts for partial years using the number of months that the asset is available for use. The following data were available for the machine:
Required:
a. Calculate depreciation expense for 2019 and 2020 using the straight-line method.
b. Calculate depreciation expense for 2019 and 2020 using the double-declining-balance method (2 ÷ 8 = 25%) .
c. Calculate depreciation expense for 2019 and 2020 using the units-of-production method.
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a Straightline method Depreciable cost Cost Estimated residual value 100000 4000 96000 Depreciation ...View the full answer
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